Vici Properties Q2 revenue increases 5.7%, H1 adjusted EBITDA eclipses $1.7bn

Vici Properties has released its financial report for Q2 and the first-half of 2026, as net revenue and adjusted EBITDA managed to rise during both periods despite witnessing decreases in the investment firm’s net income. 

Net revenue for the second quarter of 2026 increased 5.7% to nearly $1.1bn, while adjusted EBITDA climbed 5.7% for a total of $869.5m. Vici reported a net income decrease of 39.1% to $526.5m, perhaps due to the firm’s operating expenses rising from a $93.1m return for the second quarter of 2025 to a $315.6m cost during Q2 2026. 

Income from sales-type leases accounted for the vast majority of Vici’s Q2 net revenue, having grown 2.6% to $549.2m. Income from lease financing receivables and other revenue totaled $478.4m and $18.9m, respectively, equating to an increase of 8.7% but a 3.2% fall for the latter.

Despite the net income decreases witnessed during Q2 2026, Vici’s adjusted funds from operations increased 7.8% to nearly $680m. Vici took in over $265m from its master leases with Caesars Entertainment for Q2 2026, as well as $185.8m from its master lease agreement with MGM Resorts International. 

The firm’s net revenue for H1 2026 grew 4.6% to $2.1bn, while net income for the half-year period decreased 0.7% to just over $1.4bn. Operating expenses totaled $239.3m for H1, representing an increase of 76.5% year-over-year. 

Vici’s adjusted EBITDA for the half-year period eclipsed $1.7bn and rose 5.1%, as adjusted funds from operations grew 6.8% to $1.3bn. 

Income from sales-type leases once again led the way in net revenue for Vici, having generated nearly $1.1bn and increased 2.5%. Income from lease financing receivables increased 7.3% to $930.3m, while other income fell 3.2% to $37.8m. 

The firm’s master lease agreement with Caesars, both regionally and in Las Vegas, combined to generate over $525m of revenue for Vici during H1 2026, while the MGM master lease agreement totaled $379.4m for the half-year period. 

On April 30, Vici Properties completed its $1.16bn acquisition of the land, real property and improvements of seven casino properties previously owned by Golden Entertainment, as well as immediately retired the operator’s outstanding $426m debt.

By June, Vici had also completed its acquisition of the real estate assets for Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels which are adjacent to the Great Northern Casino for $144.4m.